Bankruptcy remains on your credit report for a period of up to 10 years; and with this blot on your credit report no one would be very willing to lend to you. But that doesn’t mean that you cannot get any loan after bankruptcy. You can still get loans but the interest rates and terms of loans would not be very attractive for you.
The first thing that most individuals and families have to do in order to break out of debt is to somehow find a way to cut back on expenses. The easiest way to do this is to find the lowest price on things that you would think are untouchable, such as car insurance, property insurance and many other bills that companies would prefer you not negotiate.
Besides enabling you to keep food on the table while you are unable to work, income protection insurance can also enable you to keep paying your debts and therefore avoid any bankruptcy action being taken against you.
Buying a home after bankruptcy isn’t as difficult as you thought. However, buying a home should not be at the top of your list really. It is very obvious that you have to first ensure that you have a regular source of income which will allow you to meet your basic needs and also provide some savings for building an emergency fund.
As we come to the far end of 2011, the economists give a retrospective glance at the economy to check where we stand. Though individual bankruptcies are falling, yet that doesn't speak much about the improving financial behavior of the US consumer, who is still being supported by the record federal stimulus.
While writing credit repair letters (or credit repair dispute letters) you must ensure that you follow the guidelines mentioned here.
Getting a mortgage after bankruptcy is not an impossible task. You can get a mortgage with bankruptcy still on your credit report. However, the terms of your mortgage in bankruptcy scenarios would be really harsh... and you should expect them to be harsh since you have lost your credit worthiness to bankruptcy.
Getting unsecured credit cards after bankruptcy can be ruled out for a long period of time. So, your best bet would be to get secured credit cards. The secured credit cards would not only be the best credit cards after bankruptcy but also the only feasible option for getting a credit card after bankruptcy.
Filing business bankruptcy can be an emotionally difficult process for any business owner. However, sometimes things can go wrong for a business either due to wrong decisions or due to external/unforeseen conditions; and in such a situation, filing for business bankruptcy might become the best option.
A bankruptcy means test, simply put, is a test (or shall we say, a calculation) that is done in order to determine whether the debtor (on whom means test for bankruptcy is being done) has the means to repay his debts and to what extent.